The SWE buzz/boom of the last teens into the early 20's was largely fueled by VC's with access to tons of capital at all time low prices. The game was build a company with a shiny exterior and a radiance of hype and hope it got bought out. It didn't matter that you were burning millions on exorbitant salaries and endless perks. It was the cost of shine and radiance. And it drove up the cost of tech labor across the whole sector.

In a really condensed and simplified version: Big money was placing $50-100MM bets everywhere because the house was lending for basically free, and you only need a few hits to come out on top.

But now that money is expensive again, they game has been crashing down.